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The sale of Saab to Spyker was approved on January 26, 2010, Pontiac remained with GM into the new GM, but it was phased out on October 31, 2010.
MLC exited bankruptcy on 31 March 2011 only to be carved into four trusts; the first to settle the claims of unsecured creditors (OTC Pink: MTLQU), RACER Trust, the second to handle environmental response for MLC's remaining assets; a third to handle present and future asbestos-related claims, and a fourth for litigation claims.
However, the Penske deal failed and now the Saturn division is defunct.
On June 16, 2009, it was announced that Koenigsegg and a group of Norwegian investors planned to acquire the Saab brand from General Motors.
But however, MLC announced it would close Saab on December 19, 2009, although this plan was later reversed.
Upon agreement of a fair market value, dealers with interest in selling their franchise rights were free to negotiate with each other, and ultimately execute a buy-sell agreement which contained mutually agreed upon terms and conditions required to legally sell and transfer franchise property and ownership rights.
Liquidation generally refers to the process of selling off a company’s inventory, typically at a big discount, to generate cash.
In most cases, a liquidation sale is a precursor to a business closing.
On June 1, 2009, the court gave interim approval to GM's request to borrow billion as debtor-in-possession financing, the company only having billion cash in hand.
The United States Treasury had argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation.
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On the morning of 1 June 2009, Chevrolet-Saturn of Harlem, a dealership in Manhattan that was owned by GM itself, filed for bankruptcy protection there, followed in the same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC, and Saturn LLC's subsidiary Saturn Distribution Corporation.